Paces Ferry Wealth Advisors | Financial Planning Blog

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

Written by Zachary Morris, CFP® on March 25, 2020.

As we continue to face uncertain times, the IRS has made a welcome announcement.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through S corporations, partnerships or other pass-through entities.

How to Remain Hopeful and Keep Perspective During the COVID-19 Outbreak

Written by Jeff Diamond, AIF® on March 19, 2020.

The Coronavirus Pandemic is real and it is scary on many different levels. With news of the pandemic spreading and the recommendations on social distancing getting broader, it can be hard to feel certain or safe about anything.

As troubling as it is to watch the unprecedented market decline, we need to maintain our health and the health and safety of our family, friends, and neighbors as the number one priority. COVID-19 which emerged late in 2019 in China has spread rapidly worldwide since then and is a global pandemic. The measures taken by leaders around the globe have been strong leaving most children without a classroom to go to, many parents working from home or some without a job altogether and investors panicking about what is to come.

This disruption to daily life and to our psyches is substantial. The coming weeks could be difficult, but these measures are practical and prudent.

Coronavirus: What the Viral Epidemic Means for Investors

Written by Zachary Morris, CFP® on March 4, 2020.

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.

The Cash Balance Plan: A Pension Plan for High Earners

Written by Zachary Morris, CFP® on February 10, 2020.

If you’re a business owner, physician or self-employed individual, you likely face higher taxes than the majority of Americans. However, there are strategies you can use to keep more of your hard-earned money by reducing your tax liability and increasing your asset protection. One of these strategies is through a particular type of Defined Benefit Plan called the Cash Balance Plan.

So, You’ve Inherited Money – Now What?

Written by Jeff Diamond, AIF® on January 22, 2020.

If you’ve been lucky enough to inherit a large sum of money, you probably experienced a flurry of emotions, including excitement at the possibilities it opens up for you and your family. However, once the initial elation wears off, it’s common to feel a bit of trepidation and confusion about how to properly manage your new fortune, especially if you don’t consider yourself particularly savvy when it comes to money.

Luckily, you don’t have to be a finance expert to make your inheritance last. Read on for six simple tips to help you make the most of your newfound financial freedom.

Connor Jabs Promoted to Associate Wealth Advisor

Written by admin on January 20, 2020.

We are pleased to announce the next step in the career path for one of our team members. Please join us in congratulating Connor Jabs on his promotion to Associate Wealth Advisor. From day one, Connor exhibited an incredible commitment to client service and understanding of the Paces Ferry Wealth Advisors’ mission.

Understanding the SECURE Act and How it Could Affect Your Retirement

Written by Zachary Morris, CFP® on January 8, 2020.

Learn more about the sweeping legislation designed to fight America’s retirement savings crisis

In May 2019, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act, commonly called the SECURE Act. Designed to help tackle our country’s growing retirement savings crisis, the far-reaching legislation spent months tied up in the Senate. On December 19, 2019, it passed the Senate with a 71 to 23 majority.

Let’s take a look at a few standout provisions of the legislation and discuss what they could mean for you.

When Spouses Aren’t on the Same Spending Page

Written by Zachary Morris, CFP® on December 26, 2019.

Tips for Aligning Your Marital Money Attitude

Many married couples split household tasks and responsibilities, choosing to divide and conquer in an age of unprecedented busyness. For example, one spouse might handle grocery shopping while the other does all the yard work. One spouse might do daycare drop-off while the other handles the kiddos’ bedtime routine. It’s an effective and efficient way to run a household, especially if both spouses work. When it comes to money issues, however, these topics are best tackled as a team.

Spending, budgeting, and other financial issues can cause stress and anxiety, so many couples avoid these topics. However, since money issues are one of the leading causes of divorce, it’s important to work through the uncomfortable topics and get on the same spending page.

Here are five tactics for making sure you and your spouse agree on household spending and avoid money conflicts:

Are You on Track to Meet Your Retirement Goals?

Written by Jeff Diamond, AIF® on December 9, 2019.

Net Worth Goals By Age

Do you find yourself wondering if you’re on track to meet your retirement goals? Are you saving diligently but still unsure whether it’s enough? A valuable benchmark to help you answer these questions is your net worth: that is, the number you’re left with when you add up your cash and other financial assets and subtract all your debts.

Paces Ferry Featured In: Financial Help for Divorced Women

Written by admin on December 9, 2019.

by: Mychelle Blake

Getting divorced is considered one of the top five stressful events one can experience. For divorced women, this stress can be exacerbated by her dealing with her new financial situation.